Staff Writer
The Southern Africa Insurance Indaba, which officially kicks off tomorrow in Victoria Falls, Zimbabwe, is expected to unlock economic potential and build resilience in Africa.
The indaba, whose key speaker is Finance, Economic Development and Investment Promotion deputy minister David Mnangagwa, has brought together local and regional experts to deliberate on the continent’s insurance industry.
Other notable speakers are Sibongile Siwela, Director of Insurance and Microinsuranceat IPEC, Tafadzwa Chinamo, ZIDA CEO, Professor Author Mutambara, Dr Monday Utomwen, Assistant Director, strategic leader, enterprice and compliance specialist and Francis Munuve Nzwili.
The Insurance Institute of Zimbabwe (IIZ), the hosts, believe that insurance must evolve from a risk-transfer mechanism into an economic growth enabler through capital formation, credit enhancement, and investment.
IIZ is a professional insurance organisation and an independent examining body founded in 1982, with its core functions being to promote efficiency and improvement in the insurance industry through professional education, training and examinations.
IIZ president Clementine Chinyuku said insurance can power infrastructure, agriculture, small to medium enterprises (SMEs) and climate adaptation.
“In the context of Africa, unlocking economic potential extends beyond merely processing claims but encompasses leveraging the industry’s capacity to accumulate capital, facilitate access to credit and mitigate risks associated with critical investments.
“While insurance in Africa has traditionally been perceived primarily as a mechanism for risk management, its more significant contribution lies in fostering economic growth, enhancing financial inclusion, and promoting sustainable development.
“For the African continent to realise its full economic potential, the insurance sector must play a strategic role across industries,” she said.
She highlighted that a resilient insurance ecosystem requires cross-border collaboration from shared data systems to pooled capacity for catastrophe risks, adding that regional cooperation enables competitiveness, innovation, and economic stability.
According to insurance industry regulator, the Insurance and Pensions Commission (IPEC), the insurance sector in Zimbabwe is a growing market with a strong focus on non-life insurance, particularly motor and fire coverage, which together make up over 60 per cent of total revenue.
The key trends include a surge in demand for agricultural insurance due to the importance of agriculture, growth in both life and non-life sectors, and significant year-on-year increases in gross written premiums.
Chinyuku said IIZ is championing education and capacity-building for sectors critical to Africa’s growth, particularly agriculture, SMEs, and climate-vulnerable communities.
“Through our expanded qualifications, IIZ is developing a new generation of professionals trained in microinsurance, agricultural index insurance, reinsurance, and climate risk management,” she said.
She also highlighted that the indaba will provide a strategic platform to explore how Africa’s insurance sector can move beyond traditional boundaries.
“This high-level engagement will unpack forward-looking strategies, innovations, and partnerships that drive growth, resilience, and inclusion within the insurance and financial sectors, aligning industry priorities with Africa’s broader economic development agenda,” said Chinyuku.
Chinyuku also noted that as part of IIZ’s continental ambition, it rebranded the IIZ Annual Conference to the Southern Africa Insurance Indaba in order to shape a unified African insurance agenda connecting professionals, institutions and markets across regions.
“We are proactively engaging with key entities such as the African Insurance Organisation (AIO), the Organisation of Eastern and Southern Africa Insurers (OESAI), the African Reinsurance Corporation, African Risk Capacity (ARC), the Insurance Institute of South Africa, the Insurance Training College of Uganda, and policy influencers involved in the African Continental Free Trade Area (AfCFTA).
“These strategic partnerships enable us to align our discussions and programmatic initiatives with broader continental frameworks, thereby promoting policy coherence and market integration,” she said.
